LASALLE, QC, Oct. 16, 2023 /CNW/ – GDI Integrated Facility Services Inc. (TSX: GDI) (the “Company” or “GDI“) is pleased to announce that it has agreed to enter into a memorandum of understanding (“MOU“) with La Financière Atalian (“Atalian“) to cooperate in the pursuit and provision of integrated commercial facility maintenance services for international client opportunities in their respective geographies, Atalian operating in Europe and GDI in North America. Along with the MOU, GDI’s U.S. subsidiary GDI Services Inc. has signed a Purchase Agreement for the acquisition of Atalian’s facility services business located in the United States (“Atalian USA“).
Atalian is a leading integrated commercial facility services provider headquartered in France with operations in over 20 countries. Atalian generated €2.1 billion in revenue in F2022 and currently counts over 70,000 employees servicing more than 21,000 clients. Atalian USA was established through four acquisitions between 2017 and 2019 and currently has over 2,500 employees with operations concentrated in the US Northeast, Midwest and Mid-Atlantic.
“We are extremely excited to establish this global collaboration agreement with Atalian,” stated Claude Bigras, President and CEO of GDI. “Atalian is a leader in the integrated commercial facility services sector and has an extensive footprint in Europe. This MOU brings together the strength of two leading integrated commercial facility services companies that have transatlantic capabilities to pursue and service clients with international real estate portfolios. Atalian USA will join GDI which will solidify GDI’s Business Services platform in the United States while also enabling us to enter into new geographies like New York City, Ohio and Missouri.”
“We are very excited about the opportunity to cooperate with GDI and we are looking forward to bringing value to our clients though our partnership,” stated Maximilien Pellegrini, CEO of Atalian. “We have known the principals of GDI for many years and feel that they will be a strong partner for Atalian in North America. We look forward to working on new opportunities together.”
Closing of the acquisition, which will be financed by GDI’s existing credit facilities, is expected to take place on October 31, 2023, and is subject to customary closing conditions.
GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, distribution centers, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, airports and other transportation facilities. GDI’s commercial facility services capabilities include commercial janitorial and building maintenance, energy advisory and system optimization, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.
Atalian is one of the world’s largest independent integrated services providers in facility management. With a turnover of 2 billion euros (2022), more than 70,000 employees in 20 countries across, and more than 21,000 clients in the public and private sectors, Atalian offers cleaning, security, and technical services as well as energy management, compliance, catering and front of house.
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI’s future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may”; “will”; “should”; “expect”; “plan”; “anticipate”; “believe”; “intend”; “estimate”; “predict”; “potential”; “continue”; “foresee”; “ensure” or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI’s future operating results and economic performance and its objectives and strategies along with the anticipated benefits of the MOU and the acquisition of Atalian USA are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the “Risk Factors” section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to unsuccessful implementation of the business strategy, inherent operating risks of acquisition activity, failure to integrate, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with Strategic IT projects, increases in interest rates, deterioration in general economic conditions, prolonged armed conflict in Ukraine, COVID-19 and related pandemic, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, environmental, social and governance (ESG) considerations, goodwill and long-lived assets impairment charges, tax matters, dependence on key employees, participation in multi-employer pension plans, legislation or other governmental action, exchange rate fluctuations, disputes with franchisees, cybersecurity and data protection, data confidentiality, and public perception of our environmental footprint, many of which are beyond the Company’s control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.
SOURCE GDI Integrated Facility Services Inc.
